While the temperatures outside are heating up, the housing market in the Denver Metro area experienced some unseasonable cooling in June. Throughout the month, 4,266 home listings closed, which was 20% less than in June of last year and 1% down from last month.
In June, the median closed price of a Denver Metro area home was $599,820, which is 2% lower than last year at this time and 2% higher than last month. After 5 consecutive months of increases, median closed prices are now 12% higher than they were in January.
What This Means for Buyers
High interest rates and steep home prices contributed to some buyers staying on the sidelines in June. This was reflected in the number of home closings, which decreased from both last year and last month, and contracts written on homes, which decreased by 4% from June 2022.
On the bright side, potential buyers have slightly more time to make an offer, as median days in the MLS increased by 2 days from June 2022. Plus, while the number of new listings may have decreased, buyers gained an additional week of inventory compared to this time last year.
The Impact on Sellers
The number of fresh listings brought to the market by homeowners in the Denver Metro area was down 26% from last year but has been ticking up modestly for the past three months. High interest rates are most likely responsible for the reduced number of new listings as homeowners are reluctant to give up the low rates they obtained when they purchased their home.
Rental Market Stats
We are seeing growing interest in the Denver Metro area rental market. In June, 366 properties were leased using REcolorado MLS, a 37% increase from this time last year. While the median leased price decreased by 2% from last year, the median leased price per bedroom and median price per square foot both saw year-over-year increases. At the close of the month, there were 493 active rental properties on the market.
More Colorado Market Stats
REALTOR® Association Market Statistics
In addition to the market statistics reports produced by REcolorado, we provide housing market data and collaboratively produce statistics reports with local REALTOR® associations.